Acceleration Clause
A clause in your mortgage allowing your lender to demand payment of the outstanding loan balance. The reasons for triggering of this clause? Borrower defaults on the loan or transfers title to another individual, sells property or other lender stipulation.
 

Adjustable-rate Mortgage (ARM)
A mortgage in where the interest changes periodically, according to corresponding fluctuations in a financial index. All ARMs are tied to financial indexes.

Adjustment Date
The specific date the interest rate changes on an adjustable-rate mortgage. Amortization
The loan payments consisting of a portion applied to pay the interest on the loan, The rest is applied to the principal balance. As time increases more goes to pay down the principle until the balance is paid off at a specified time.

Amortization Schedule
A table showing how much of each payment will be applied toward principal and how much toward interest over the life of the loan.

Amortized Loan
A loan based on a specific time table for repayment.Annual Percentage Rate (APR)
The cost of a mortgage listed as a yearly rate. Includes interest, mortgage insurance, and loan origination fee (points).
 

Appraised Value
A properties fair market value, based on an appraiser's analysis of the property. An appraisal is based primarily on most recent comparable sales of similar properties in the neighborhood.

 

Appreciation
The increase in the value of a property due to supply and demand.

 

Assessed value
The value placed on property by a public tax assessor for purposes of taxation.

 

Assessment
To place a value on property for the purpose of taxation.

Assessor
A county official who establishes the value of properties for taxation purposes.

 

Assumable mortgage
A mortgage that can be assumed (taken over) by the buyer when a home is sold. The borrower must meet lenders qualifications to assume the loan.

Assumption
The term applied when a buyer assumes a sellers mortgage.